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Sankey diagram of Reddit, Inc.. A complete text table follows the diagram.
Reddit's audience grew 17%, but monetization grew far faster as more ad impressions, higher pricing, and a 92% gross margin converted community activity into profit.
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Gross profit and operating-expense totals are explicit arithmetic combinations of reported GAAP lines. Other revenue includes non-advertising activities such as data licensing and subscriptions but is not disaggregated further in the filing.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Advertising revenue | 1 | $625M | 94% of revenue |
| Other revenue | 1 | $38.7M | Licensing, subscriptions and other |
| Community monetization revenue | 2 | $663M | 69% year-over-year growth |
| Platform delivery cost | 3 | $56.3M | Hosting and revenue-sharing costs |
| Gross profit | 3 | $607M | 91.5% gross margin |
| Product, sales and corporate investment | 4 | $424M | R&D, marketing and G&A |
| Operating income | 4 | $183M | 28% operating margin |
| From | To | Value |
|---|---|---|
| Advertising revenue | Community monetization revenue | $625M |
| Other revenue | Community monetization revenue | $38.7M |
| Community monetization revenue | Platform delivery cost | $56.3M |
| Community monetization revenue | Gross profit | $607M |
| Gross profit | Product, sales and corporate investment | $424M |
| Gross profit | Operating income | $183M |